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Compensation and Benefits Framework - Coggle Diagram
Compensation and Benefits Framework
Outcomes
Annually, in line with budget process
Link to the CLF
Transparent and fair
Elements
Tools of the trade matrix
Market research and benchmarking
Ability Check-In rating
EAs for reference
Role banding and classification tool
Capability and Leadership Framework
Establishment
Available budget
Succession planning and talent management tracker
Future Products and Services offering
Financial status and performance of the organisation
Definition of usage of titles
Objectives
Ensure all positions are appropriately remunerated
Performance is overlaied, to reward high performing individuals
Systematic and rigourous
Publicly available
Build in succession planning and talent management
Retention initiative
Equity balance and internal relativity
Gender neutral
Keep in line with the market, not over or under pay
Comply with industrial obligations
Focused on common law contract holders primarily
Identify and prioritise hard to fill roles
Optimise budget available for common law increases
Considerations
C&B Committee allocates increases to individual roles by applying C&BF using combined budget pool
Governance
Delegations framework
C&B Committee
CEO
F&A Committee (just for budget)
Board
Data informed as well as feedback
Link to strategy and values
Fair and impartial for all, objective, not subjective
Performance data (confidentiality)